Odaily reported that, according to monitoring by Bubblemaps, the FIFA-related token WCUP, which launched yesterday, climbed to a market capitalization of about $50 million at its peak. Bubblemaps described the case with the question “the first scam of the World Cup?” and focused on the highly concentrated distribution seen immediately after trading opened.
Per Bubblemaps, around 95% of the WCUP supply was captured at launch by more than 30 newly created wallets. These wallets were funded by several centralized exchanges within the half hour before the token went live and had no previous on-chain history. After acquiring the tokens, the wallets used Uniswap Router to distribute them across more than 2,500 new addresses.
Bubblemaps said the project documents only made broad references to presale and partner allocations, while no direct on-chain link to the team was found. Even so, the platform stated that the extreme concentration of supply, together with undisclosed paid KOL promotion arrangements, represents a major risk.